Gart Capital Partners (GCP) has acquired Work World, a specialized retailer of work wear products.
Work World is a California-based retailer that specializes in the complete outfitting of the working person. The company’s products include shirts, pants, footwear, medical uniforms, high visibility clothing, and chef wear. Work World’s instore brands include Carhartt, Timberland Pro, Dickies, Keen Utility, Wolverine, Caterpillar, Ben Davis, Wrangler, Levi’s, 5.11, and Ariat.
Vacaville, California-headquartered Work World was founded in 1990 and has grown from its original location in Fairfield, California, to 23 locations across California and northern Nevada, as well as an online retail site. Dan Meyer, a co-owner of Work World and its general manager since founding in 1990, will continue in his leadership role and as an investor alongside GCP.
“Gart Capital Partners identified Work World as one of the leading specialty retailers of workwear products in America and we are excited to partner with Dan, management, and Work World’s brand partners to grow the company within its current markets and into new markets via new stores and strategic acquisitions,” said Alex Gart, a partner at GCP. “It is clear that Work World’s customers value the company’s broad but dedicated selection and strong customer service, keystone attributes for a specialty retail concept.”
Denver-headquartered GCP invests in companies with annual revenues of $5 million to $200 million and EBITDA of $1 million to $15 million. Areas of interest include a range of consumer and retail businesses that include specialty retailing and services, recreation, sporting goods, and leisure activities. GCP is part of The Gart Companies, a family office led by Ken, Tom and John Gart. In 1928, the Gart family (led by Nathan Gart) founded Gart Sporting Goods which was acquired Thrifty Corporation in 1986 and later by Leonard Green in 1992.
D.A. Davidson was the financial advisor to Work World on this transaction. “The D.A. Davidson consumer investment banking team’s industry knowledge, transaction expertise, and commitment to our success has resulted in us finding the right partner that will help take Work World to the next level,” said Mr. Meyer. “From the outset, the D.A. Davidson team was dedicated to delivering the highest level of service necessary to successfully close this transaction.”
“We were pleased to work with Work World on this transaction,” said Brien Rowe, managing director at D.A. Davidson. “The company is uniquely positioned to capitalize on the large, growing and under-penetrated work wear specialty retail market.”
D.A. Davidson is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 and headquartered in Montana, with corporate offices in Denver, Los Angeles, Portland and Seattle, the company has approximately 1,350 employees and offices in 25 states.
© 2020 Private Equity Professional | January 14, 2020